The East African island country of Madagascar is located in the Indian Ocean, adjacent to the Mozambique channel. It is best known for its biodiverse environment including hundreds of unique species of plants, trees and animals, many of which cannot be found anywhere else in the world. Money goes a long way in Madagascar so we want to make sure our customers see every single penny of it transferred safely and securely from A to B.
The fourth largest island in the world, Madagascar is made up of one central island and several smaller islands. Thought to be discovered in 1500, the country has a long history of different rulers and socio-political alliances. Having been under French rule from 1894 Madagascar eventually gained independence from the French colonial empire in 1960. Since then, the country has undergone a number of democratic changes including the introduction of its own currency: the Malagasy ariary
As a result of centuries of trade and migration with East African, Arab and South East Asian neighbours, Madagascar has become an incredibly diverse culture. The two official languages spoken are French and Malagsy, and the capital city of Antananarivo (formerly Tananarive) is popular with Indian and Somali migrants.
Over the last few decades the adventure holidays trend has brought an influx of curious visitors to the isles of Madagascar. There has been notable correlation with a boost in tourism and positive effects on the domestic economy, as the country slowly becomes more accessible to travellers. Along with regular flights to and from Madagascar, sending money to Madagascar is easier to arrange than ever before.
The official currency of Madagascar is the Malagasay Ariary (MGA); this currency is not used anywhere else in the world and is therefore difficult to acquire. It was introduced in 1961, replacing the Malagsy Franc, after Madagascar became fully independent from France. Euro, US Dollars and British Pound are also accepted across Madagascar, but we encourage our customers to consider currency conversion before transferring large amounts abroad.
The average volatility rate for the MGA against the USD was 0.66% for the last 90 days. This is a fairly high volatility rate, although the MGA has demonstrated far less volatility during the last month. In the long term, the MGA has proven itself to be far less predictable than most currencies.
The fastest way to send money to Madagascar is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers can take longer. The main downside to Western Union’s fast option is the fact that it is more expensive than most of the competition. You can always expect to pay more with Western Union.
The cheapest way to send money to Madagascar is through Western Union’s slow option. Western Union makes most of its money off of hidden currency conversion markups which are typically higher than most of the competitions. They also charge an upfront fee for most services, although this factor makes up a smaller percentage of each transaction. Western Union isn’t cheap, but it’s the cheapest reasonable option for Madagascar.
The easiest way to send money to Madagascar is through WorldRemit. Sending money through WorldRemit is fairly straightforward and requires only a few steps. Once you have the WorldRemit app downloaded and have a balance on the app, you don’t have too many tasks left. WorldRemit offers mobile top-ups, cash pickups, bank transfers, and more.
The overall best way to send money to Madagascar is through Western Union. Western Union has agents in Antsohihy, where cash pickups can be arranged quickly and fairly easily. With Western Union, you can get your money to Madagascar faster and in a safer manner than you would be able to with their competition. Western Union is also one of the most common money transfer services in the world, making it even easier to send money through them.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com